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Ronnie
Joined: 31 Dec 2009
Posts: 13
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 Posted: Sun Jan 17, 2010 8:56 pm Post subject: How do you manage your finances while overseas? |
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While living internationally, how do you guys (and gals) manage your finances. Do you get bank accounts in the country you're living in? how about cell phone, do you get a phone in the country you're teaching? or do you bring one.
How do you pay bills such as cell phone, etc. just trying to get some idea of how all this works when overseas. I've never traveled for a long enough time to need to do transactions like this. I usually just bring 1000 dollars cash whenever I go somewhere for a week. |
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tomstone
Joined: 09 Dec 2009
Posts: 293
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| Posted: Sun Jan 17, 2010 9:12 pm Post subject: |
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| In China it's incredibly easy to get a bank account. I had two bank accounts in the first two weeks I was here (on a tourist visa!). As to the cell phone, I got one here, it's a rechargeable, I just go to the telephone shop and buy more time periodically. If you bring US money to exchange, make sure it's in PRISTINE condition, any wear and tear will result in the bank (or exchange shop [in Hong Kong]) rejecting it. |
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Ronnie
Joined: 31 Dec 2009
Posts: 13
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| Posted: Sun Jan 17, 2010 9:26 pm Post subject: |
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| tomstone wrote: |
| In China it's incredibly easy to get a bank account. I had two bank accounts in the first two weeks I was here (on a tourist visa!). As to the cell phone, I got one here, it's a rechargeable, I just go to the telephone shop and buy more time periodically. If you bring US money to exchange, make sure it's in PRISTINE condition, any wear and tear will result in the bank (or exchange shop [in Hong Kong]) rejecting it. |
thanks for the info. I'm going to Korea, I'm guessing it won't be much different than China. How do you make phone calls back home with your Chinese cellphone?
What you said about getting a bank account there sounds good. I'd love to have a Korean account where I can just deposit my savings, etc.!! that sounds awesome if I can do that. Also thanks for the tip on cash, I'll be sure to get new bills from the bank before I fly over. |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Sun Jan 17, 2010 9:32 pm Post subject: |
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I get a cell phone and bank account in the country I'm in. BUt someone use my US credit cards to buy stuff, like flights. And my mom has access to my account  So thanks Mom for all your help |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Sun Jan 17, 2010 9:33 pm Post subject: |
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| Ronnie wrote: |
thanks for the info. I'm going to Korea, I'm guessing it won't be much different than China. How do you make phone calls back home with your Chinese cellphone?
What you said about getting a bank account there sounds good. I'd love to have a Korean account where I can just deposit my savings, etc.!! that sounds awesome if I can do that. Also thanks for the tip on cash, I'll be sure to get new bills from the bank before I fly over. |
There's always Skype or MSN messenger. And as for opening an account. Just bring your ARC to the bank and you can do it. |
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Glenski
Joined: 15 Jan 2003
Posts: 12844
Location: Hokkaido, JAPAN
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| Posted: Sun Jan 17, 2010 9:52 pm Post subject: |
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If you're going to Korea, I'd say read the FAQs in the Korea forum, or register to ask questions there. Separate registration needed than all the other forums.
Be sure you have a trusted person back home to help manage some aspect of your finances if needed. A relative can be put on a joint bank account, for example. |
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tomstone
Joined: 09 Dec 2009
Posts: 293
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| Posted: Sun Jan 17, 2010 9:53 pm Post subject: |
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| I use an online system called Skype to make international phone calls. It's about 3 cents per minute to the US from here, some places it's more. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Sun Jan 17, 2010 11:54 pm Post subject: |
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| Quote: |
| I use an online system called Skype to make international phone calls. It's about 3 cents per minute to the US from here, some places it's more. |
You guys are lucky, my parents still have dial up internet and I cannot call them using Skype. |
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tomstone
Joined: 09 Dec 2009
Posts: 293
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| Posted: Mon Jan 18, 2010 12:06 am Post subject: |
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| They don't have a land line telephone? |
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Glenski
Joined: 15 Jan 2003
Posts: 12844
Location: Hokkaido, JAPAN
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| Posted: Mon Jan 18, 2010 2:52 am Post subject: |
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| JZer wrote: |
| Quote: |
| I use an online system called Skype to make international phone calls. It's about 3 cents per minute to the US from here, some places it's more. |
You guys are lucky, my parents still have dial up internet and I cannot call them using Skype. |
My parents have the same thing. I use it to contact them anyway. You don't have to have video. The call computer-to-computer is free.
If Skype doesn't work for you for some reason, use any of other options out there:
Windows Live Messenger
Yahoo Messenger |
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Molson
Joined: 01 May 2009
Posts: 137
Location: China
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| Posted: Mon Jan 18, 2010 7:45 am Post subject: |
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| Ronnie wrote: |
| tomstone wrote: |
| In China it's incredibly easy to get a bank account. I had two bank accounts in the first two weeks I was here (on a tourist visa!). As to the cell phone, I got one here, it's a rechargeable, I just go to the telephone shop and buy more time periodically. If you bring US money to exchange, make sure it's in PRISTINE condition, any wear and tear will result in the bank (or exchange shop [in Hong Kong]) rejecting it. |
thanks for the info. I'm going to Korea, I'm guessing it won't be much different than China. How do you make phone calls back home with your Chinese cellphone?
What you said about getting a bank account there sounds good. I'd love to have a Korean account where I can just deposit my savings, etc.!! that sounds awesome if I can do that. Also thanks for the tip on cash, I'll be sure to get new bills from the bank before I fly over. |
As another poster said, register for the Korea forums and check out their FAQ/General Discussion sections.
I'll answer your other questions though:
KEEP a bank account open in your home country. You will want one preferably where you can use internet banking to take care of any outstanding debts you have there.
I kept my bank account and credit cards. Though, I only use the credit card of the bank that I deal with as it is easier to pay and check balances.
If you are interested in investing, again, most banks have online options. As well, there are stock brokerages that deal online.
About calling back to your home - I use Skype. I have the unlimited world wide plan which is 12.95 a month. This way I can call my friends and family who are spread all over the planet for no extra charge. You can also go unlimited country (for just one specific country) for 5.95 or 6.95 a month.
I wouldn't bring ALL your money over with you either. You can use your North American bank card (I am just guessing that is where you are from) at a lot of ATM machines in Korea.
When I came to China I brought a few thousand as I had to pay rent, you don't have that worry in Korea. For accessing my Canadian bank account I just used an international machine and presto: cash deducted in Cdn dollars and given in RMB/Won/etc. |
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runthegauntlet
Joined: 07 Nov 2009
Posts: 92
Location: the Southlands of Korea
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| Posted: Mon Jan 18, 2010 11:25 am Post subject: |
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| Ronnie wrote: |
thanks for the info. I'm going to Korea, I'm guessing it won't be much different than China. How do you make phone calls back home with your Chinese cellphone?
What you said about getting a bank account there sounds good. I'd love to have a Korean account where I can just deposit my savings, etc.!! that sounds awesome if I can do that. Also thanks for the tip on cash, I'll be sure to get new bills from the bank before I fly over. |
Your boss/handler will open up a Korean account for you within a few days/weeks of arriving. Almost all pay is deposited into said bank account. No cash. You can then withdraw the money, transfer it back home, pay bills with it, etc., from the bank/atms. No worries. Extremely simple. No check books here, everything is transferred from one person to another.
And yeah, Skype. It doesn't matter what internet your people back home have. You can call landlines, cell phones, whatever with Skype. I've done so every week for the last two plus years. Easy as pie as well. Most everyone I know here can make calls back home with their cell phones as well, but I don't know how prevalent that actually is (and it's certainly expensive!)
I would certainly advise against closing your account back home. You also don't need to bring much cash (maybe a few bucks for goodies, or a hundred or so for an emergency). There are ATMs on every corner around and you'll get a better rate with your ATM card anyway. |
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rogerwallace
Joined: 24 Nov 2004
Posts: 66
Location: California
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| Posted: Mon Jan 18, 2010 5:32 pm Post subject: foreign bank not the same as sending $$$ home |
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| Unless you have a valid work visa you can't send monies home to the usa and then only a %(in china it's 70%) |
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desultude
Joined: 19 Jan 2003
Posts: 614
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| Posted: Mon Jan 18, 2010 5:45 pm Post subject: |
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How do you manage your finances while overseas?
Usually badly, as usual.
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Mon Jan 18, 2010 11:29 pm Post subject: |
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| runthegauntlet wrote: |
| Ronnie wrote: |
thanks for the info. I'm going to Korea, I'm guessing it won't be much different than China. How do you make phone calls back home with your Chinese cellphone?
What you said about getting a bank account there sounds good. I'd love to have a Korean account where I can just deposit my savings, etc.!! that sounds awesome if I can do that. Also thanks for the tip on cash, I'll be sure to get new bills from the bank before I fly over. |
Your boss/handler will open up a Korean account for you within a few days/weeks of arriving. Almost all pay is deposited into said bank account. No cash. You can then withdraw the money, transfer it back home, pay bills with it, etc., from the bank/atms. No worries. Extremely simple. No check books here, everything is transferred from one person to another.
And yeah, Skype. It doesn't matter what internet your people back home have. You can call landlines, cell phones, whatever with Skype. I've done so every week for the last two plus years. Easy as pie as well. Most everyone I know here can make calls back home with their cell phones as well, but I don't know how prevalent that actually is (and it's certainly expensive!)
I would certainly advise against closing your account back home. You also don't need to bring much cash (maybe a few bucks for goodies, or a hundred or so for an emergency). There are ATMs on every corner around and you'll get a better rate with your ATM card anyway. |
If you are living in a small town I would advise bringing more than 100US. Maybe things have changed but when I lived in small town Korea you could not use a foreign bank card to withdraw money.
I worked in Yesan, South Korea and just arrived with $200 US and my ATM card. That ATM card did not do me much good.
Last edited by JZer on Tue Jan 19, 2010 3:40 am; edited 1 time in total |
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